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Canada’s Inflation Climbs to 2.4% as Gas Prices Surge to Record High

  Canada’s inflation rate accelerated to 2.4% in March , up from 1.8% in February, as the Iran war triggered the largest monthly gasoline price increase on record . Statistics Canada reported that gas prices surged 21.2% month‑over‑month , a supply‑shock response to Iran’s closure of the Strait of Hormuz and broader Middle East instability.  Energy costs were the dominant driver of March inflation, with overall energy prices rising 3.9% year‑over‑year after a sharp decline the month before. Excluding gasoline, inflation would have eased to 2.2% , highlighting how concentrated the price shock was.  Food inflation offered mixed relief: grocery prices rose 4.4% , while fresh vegetables jumped 7.8% due to difficult growing conditions. Restaurant inflation cooled sharply as last year’s tax‑holiday distortions fell out of the annual comparison.  Economists note that while headline inflation spiked, core measures remained relatively tame , giving the Bank of Canada ro...
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New Tax Measures in 2024


The Canadian government has introduced new tax measures that will affect Canadians in 2024. These measures include the elimination of some short-term rental deductions, new alternative minimum tax rates, and changes to Canada Pension Plan (CPP) contributions. The elimination of some short-term rental deductions was announced in the Fall Economic Statement (FES) and kicks in on Jan. 1. The federal government is now eliminating that tax break, denying operators of short-term rentals any income tax deductions for expenses if they operate in provinces or municipalities that have banned short-term rentals. In provinces that still allow short-term rentals, operators that are not compliant with local regulations and laws will also be denied the deduction.

The GST/HST exemptions will also be affected. The federal government announced it was taking the GST/HST off “professional services rendered by psychotherapists and counselling therapists.”

These changes are not expected to have a significant impact on most individuals, unless they’re high-income earners.

    

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